The Capital Cycle Podcast

Charles Carter, a European Portfolio Manager at Marathon Asset Management, dives into the tumultuous history of the European telecom sector. He discusses the pitfalls of inflated valuations and the struggle of companies like Vodafone amidst regulatory challenges. The comparison with the more consolidated US market highlights the difficulties faced by European firms. Carter shares insights from Marathon's investment experience with KPN, emphasizing how market dynamics and regulation hinder profitability, raising questions about the sector's future viability.

In this discussion, Robert Anstey, a Portfolio Manager at Marathon with expertise in US small and mid-cap stocks, dives into the current surge in artificial intelligence investments and its environmental implications. He critiques traditional AI investment strategies and highlights the transformation of big tech from capital-light to capital-intensive models. Anstey also addresses AI's growing energy needs and the challenges posed by increased consumption, advocating for sustainable solutions in the tech industry.

In this insightful discussion, Alex Duffy, Marathon's Emerging Market Fund Manager and expert in capital cycle analysis, dives into the complexities of the copper market. He examines recent price volatility and underinvestment in copper mining amid growing demand, especially from China. Duffy also sheds light on how capital cycles affect mining investments and the implications of soaring production costs. The conversation highlights strategic opportunities and challenges faced by miners as they navigate a changing landscape and environmental regulations.